blind_html [Fwd: Charter Communications to File for Bankruptcy]

  • From: Nimer <nimerjaber1@xxxxxxxxx>
  • To: blind_html@xxxxxxxxxxxxx
  • Date: Fri, 13 Feb 2009 07:54:32 -0700

-------- Original Message --------
Subject:        Charter Communications to File for Bankruptcy
Date:   Fri, 13 Feb 2009 05:54:38 -0500
From:   Ray T. Mahorney <coffee-craver@xxxxxxxxxxxxxx>
Reply-To:       Blind-chit-chat@xxxxxxxxxxxxxxx
To:     <Undisclosed-Recipient:;>

FEBRUARY 12, 2009, 1:18 P.M. ET

Charter to File for Bankruptcy

Wall Street Journal <>

Charter Communications Inc. said it will file for bankruptcy protection by
April 1 as part of an agreement with some of its debt holders to reduce its
debt by about $8 billion.

The debt-laden cable television provider also said two of its units will
make interest payments of about $74 million on their outstanding senior
notes that were due Jan. 15 by the end of their alloted grace period. If
the interest payments on the notes aren't made within the 30-day grace
period, Charter would default on the notes.

Talks began last month to explore financing options to improve Charter's
balance sheet. The company, controlled by Microsoft Corp. co-founder Paul
Allen, warned last year it could be forced to seek bankruptcy protection if
it failed to raise additional funds to finance its cash needs by 2010.

As part of the agreement, Mr. Allen will continue as an investor, and will
retain the largest voting interest in the company, Charter said.

Last month, Moody's Investors Service lowered the company's
probability-of-default rating, saying default was likely imminent. Standard
& Poor's Ratings Service echoed Moody's concerns, while Fitch Ratings put
Charter's issuer default rating on watch for possible cuts.

The company said Thursday it believed its liquidity -- about $800 million
in cash and cash equivalents -- combined with cash from operating
activities will be enough to meet its needs as its proceeds with its

Meanwhile, the company said preliminary fourth-quarter revenue rose 7% from
a year earlier on a pro-forma basis.

"We are pleased with our operational results during the fourth quarter,
particularly in this challenging economic environment," said Chief
Executive Neil Smit.

The company said it lost 75,100 net basic video customers, more than it
lost in the prior-year's fourth quarter. It gained 63% fewer digital video
customers, 55% fewer high-speed Internet customers and 52% fewer telephone
customers than a year earlier.

The company said it expected a $1.5 billion goodwill write-down for the
fourth quarter, and said capital spending would be about $264 million, 25%
lower than a year earlier.

Charter's shares were recently down 29% at 5 cents. The stock is off 96% in
the last year.

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